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We're happy to know that you're prioritizing your family's future. Our life insurance expert will assist you in finding the best insurance plan. To schedule a call, please share some of the below details.

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FAQs on Money Back Plans

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What is the difference between a Money Back Policy and a Term Insurance Plan?

Answer

A money back policy provides periodic payouts and life coverage throughout the policy term, while a term insurance plan only offers a death benefit and no survival benefits. The money back plan is a combination of insurance and savings.

Is it risky to invest in money back policy?

Answer

A money back policy is considered low risk as it offers guaranteed returns, life cover, and survival benefits. However, returns may be lower compared to market-linked investments. It is ideal for conservative investors seeking safety.

What are the tax benefits with money back plans?

Answer

Premiums paid for a money back policy qualify for deductions under Section 80C of the Income Tax Act. Additionally, the maturity benefit is tax-free under Section 10(10D), making it a tax-efficient investment option.

Is money back policy taxable?

Answer

Maturity benefits from a money back policy are tax-free under Section 10(10D) of the Income Tax Act, provided the premium is within the specified limits.

Is the amount received through money back policy taxable?

Answer

The maturity benefits from a money back policy are generally tax-free under Section 10(10D), provided the premium paid does not exceed 10% of the sum assured. However, if premiums are higher, tax may apply.

Whom will a money back policy suit best?

Answer

A money back policy is ideal for those looking for a combination of life cover and savings with periodic payouts. It is suitable for individuals seeking financial security and regular income, such as parents planning for their child’s future.

What are the eligibility criteria to buy money back policy?

Answer

To purchase a money back policy, the policyholder typically needs to be between 18 to 65 years old, with the ability to pay premiums based on the policy term. Specific criteria vary by insurer.

What are the riders available in a money back policy?

Answer

Common riders available in a money back policy include:

• Accidental Death Benefit Rider – Additional payout in case of accidental death.

• Critical Illness Rider – Lump sum payout if diagnosed with critical illnesses like cancer.

• Waiver of Premium Rider – Waives future premiums if the policyholder becomes disabled or critically ill.

• Income Benefit Rider – Provides regular income to the nominee in case of death.

 

What if I fail to pay my money back policy premium?

Answer

If premiums are missed, the money back policy may lapse or become a paid-up policy depending on the insurer's terms. You can reinstate the policy by paying the due premiums within a specified grace period.

How to transfer my money back policy?

Answer

To transfer a money back policy, the policyholder must submit a request to the insurer, providing details about the transferee. The insurer will evaluate and approve the transfer, which typically involves paying a nominal fee.

How are returns calculated on your money back policies?

Answer

Returns on a money back policy are calculated based on the sum assured, survival benefits, and any accumulated bonuses. The insurer adds bonuses (reversionary bonus or terminal bonus) to the policy, increasing the final maturity benefit. These returns are generally lower than market-linked products but offer stability and guaranteed payouts. The maturity benefit is the sum assured plus bonuses, providing a risk-free savings option.

Product Category Term Plan

IndiaFirst Life Guaranteed Protection Plus Plan

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IndiaFirst Life Guaranteed Protection Plus Plan

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Tax Saving

Product Description

Need a protection plan that is tailored especially for your needs? Look no further! This plan aims to give you and your family financial security in an easy and convenient way.

Product Benefits

  • Option to Get Your Money Back (ROP)
  • Tailormade plans 
  • Flexibility to pay premiums at your convenience. 
  • Insure your spouse in the same policy
  • Cover till 99 years of age

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IndiaFirst Life Plan

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IndiaFirst Life Plan

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Tax Saving

Product Description

A protection plan for your family that helps them stand independently! IndiaFirst Life Plan gives your family a financial cushion to fall back on in your absence.

Product Benefits

  • Flexibility to choose the duration 
  • Family will receive the payout 
  • Flexibility to choose the assured amount 
  • Long term protection
  • Tax* benefits

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IndiaFirst Life Radiance Smart Invest Plan

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IndiaFirst Life Radiance Smart Invest Plan

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Investment

Product Description

Have you heard of a plan that not only gives you a life cover but also helps in wealth creation? Enjoy 2 benefits in 1 plan with IndiaFirst Life Radiance Smart Invest Plan.

Product Benefits

  • Zero Fund allocation charges
  • 10 different funds to choose from
  • 3 plan options to achieve your investment goals
  • 100% money invested for higher returns
  • Life cover charges returned at the end of policy year

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IndiaFirst Life Guarantee of Life Dreams Plan

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IndiaFirst Life Guarantee of Life Dreams Plan

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Savings

Product Description

Wouldn't it be wonderful if we had a second source of income to support our dreams? Here is a way to make your dreams come true where you can start earning an income from the end of the 1st month itself.

Product Benefits

  • Choice of 3 income Options
  • Guaranteed Long-Term Income
  • Life Insurance Cover
  • Benefits of long-term Savings.
  • Protection even if you miss one premium.

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Indiafirst Life Guaranteed Single Premium Plan

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Indiafirst Life Guaranteed Single Premium Plan

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Guaranteed Returns

Product Description

Wondering if there is a way to get 7x return on your investments? Your search ends here! With this single payment plan, you can achieve your financial goals.

Product Benefits

  • Guaranteed 7x returns on investment
  • One-time payment (Single Pay)
  • Tax saving benefits
  • Life Cover that is 1.25 times higher

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IndiaFirst Life Guaranteed Pension Plan

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IndiaFirst Life Guaranteed Pension Plan

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Retirement

Product Description

Make your golden years truly golden! Invest in the Guaranteed Pension Plan that is designed to guarantee an income for as long as you live.

Product Benefits

  • Receive income during retirement years. 
  • Choose among 5 different annuities.
  • Option to extend pension benefits to loved ones. 
  • Return of purchase price 
  • Increasing annuity(pension) option

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